Bank of Russia establishes facts of market manipulation in trading for futures contracts

Facts of market manipulation in on-exchange trading for futures contracts¹ (hereinafter, the Futures Contracts) in the period from 22 April 2022 to 11 May 2022 have been established.

Transactions with the Futures Contracts concluded in collusion between Yevgeny V. Vedernikov and Tatyana V. Sekushina caused significant deviations in the trading volume in 100% cases.

According to the findings of the investigation, these transactions are qualified as market manipulation pursuant to Clause 2 of Part 1 of Article 5 of Federal Law No. 224-FZ, dated 27 July 2010, ‘On Countering the Misuse of Insider Information and Market Manipulation and Amending Certain Laws of the Russian Federation’ (hereinafter, Federal Law No. 224-FZ).

Thus, Ye. V. Vedernikov and T. V. Sekushina violated the prohibition stipulated by Part 2 of Article 6 of Federal Law No. 224-FZ.

The Bank of Russia has sent binding orders to Ye. V. Vedernikov and T. V. Sekushina to cease and desist from similar violations in the future. Furthermore, these persons are subject to administrative proceedings, and transactions in their trading accounts are suspended.

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